05:40, March 08 367 0

2017-03-08 05:40:10
Former Linklaters boss Elliott named Irish bank chairman

Former Linklaters senior partner Robert Elliott has been appointed chairman of Dublin-headquartered bank Permanent TSB Group.

He will continue to act as a “partner consultant” for the firm, advising Linklaters’ clients on restructuring and insolvency and banking and corporate. Elliott left the partnership last year following the end of his five-year term at the helm of the firm. He was replaced by M&A star Charlie Jacobs.

He joined Linklaters in 1990 from legacy Wilde Sapte, making partner just one year later. He was appointed global head of restructuring and insolvency in 1996, and was promoted to global head of banking in 2007. Gideon Moore, now Linklaters managing partner, took over as head of banking when Elliott became senior partner.

Elliott replaces Alan Cook as chairman of the bank, who retires later this month after six years in the role.

In a statement to the Irish Times, Permanent TSB chief executive Jeremy Masding said: “Robert is one of the outstanding lawyers of his generation and has an exceptional expertise in banking. He is also an outstanding businessman and has overseen Linklaters LLP with great success over many years. We are delighted that he will be joining the group as chairman and we look forward to his leadership over the coming months and years.”

Elliott added: “Permanent TSB has done a tremendous job of recovering from the financial crisis and is now concentrating strongly on building a best-in-class retail and SME bank.

“I am looking forward to helping lead the bank through the next phase of its journey and demonstrating that it can play a valuable role as a competitive, customer-focused bank to the benefit of all its stakeholders and ultimately its owners.”

Permanent TSB is in the midst of a major divestment of a number of its customer mortgages in Ireland and a debt restructuring programme with its loan customers. Today (8 March) it reported after-tax losses of €266m for the year ending December 2016.